Short Interest in Clover Health Investments, Corp. (NASDAQ:CLOV) Expands By 31.2%

Clover Health Investments, Corp. (NASDAQ:CLOV - Get Free Report) saw a large growth in short interest in the month of May. As of May 31st, there was short interest totalling 20,440,000 shares, a growth of 31.2% from the May 15th total of 15,580,000 shares. Based on an average daily trading volume, of 5,830,000 shares, the short-interest ratio is presently 3.5 days. Approximately 5.2% of the company's shares are short sold.

Clover Health Investments Price Performance

Shares of CLOV stock traded down $0.09 during mid-day trading on Tuesday, hitting $2.83. The stock had a trading volume of 5,250,452 shares, compared to its average volume of 6,682,070. Clover Health Investments has a 12-month low of $1.01 and a 12-month high of $4.87. The firm's 50-day moving average is $3.36 and its two-hundred day moving average is $3.63. The firm has a market capitalization of $1.44 billion, a P/E ratio of -56.60 and a beta of 1.91.

Clover Health Investments (NASDAQ:CLOV - Get Free Report) last issued its earnings results on Tuesday, May 6th. The company reported $0.05 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.12. Clover Health Investments had a negative net margin of 1.69% and a negative return on equity of 7.42%. The company had revenue of $462.33 million for the quarter, compared to analysts' expectations of $466.93 million. Analysts expect that Clover Health Investments will post -0.12 EPS for the current year.

Hedge Funds Weigh In On Clover Health Investments

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Rhumbline Advisers grew its position in shares of Clover Health Investments by 80.5% in the 1st quarter. Rhumbline Advisers now owns 7,085 shares of the company's stock worth $25,000 after buying an additional 3,160 shares during the last quarter. Perigon Wealth Management LLC purchased a new position in Clover Health Investments in the first quarter worth $36,000. Integrated Wealth Concepts LLC acquired a new position in shares of Clover Health Investments during the first quarter worth $37,000. Triumph Capital Management acquired a new position in Clover Health Investments during the 4th quarter valued at about $45,000. Finally, AQR Capital Management LLC acquired a new position in Clover Health Investments during the 1st quarter valued at about $49,000. Hedge funds and other institutional investors own 19.77% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Canaccord Genuity Group boosted their price objective on shares of Clover Health Investments from $4.20 to $4.50 and gave the company a "buy" rating in a research report on Monday, March 3rd.

Clover Health Investments Company Profile

Clover Health Investments, Corp. provides medicare advantage plans in the United States. It operates through two segments: Insurance and Non-Insurance. It also offers Clover Assistant, a cloud-based software platform, that enables physicians to detect, identify, and manage chronic diseases earlier; and access to data-driven and personalized insights for the patients they treat.

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